24 June 2018
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Indirect Tax GST 002007

  • e-Way bill generation touches 10-crore mark
    Jun 23, 2018
    On Friday, over 80 days after its launch on April 1, e-way bill generation hit the 10-crore mark.“Ten crore e-Way bills in two months and 21 days and still it is showing an upward trend,” Prakash Kumar, CEO of the GST Network, the backbone for the Goods and Services Tax (GST), told BusinessLine.The e-Way bill system for inter-State trade was introduced on April 1, while that for intra-State was rolled out in phases. Interestingly, the e-Way bill generation for intra-State trade is higher than that for inter-State trades.The e-Way bill is now in use for all States and Union Territories.The bill, which is a kind of document required to be carried by the person in charge of a consignment of goods of value exceeding ? 50,000, is generated from the GST Common Portal. The consignor or consignee, as a registered person or a transporter of the goods can generate the e-Way bill.The validity of the e-Way bill depends on the distance the goods have to be transported.
  • E-way bill: Government allows central registration for transporters
    Jun 22, 2018
    The government has allowed central registration for transporters registered in multiple states/Union Territories (UTs) for the purpose of generating e-way bills under the goods and services tax (GST). However, transporters would not be eligible to use any of the GST identification numbers (GSTINs) once a unique enrollment number is generated by the system. To avail of the facility, transporters need to have a single permanent account number (PAN) for multiple GSTINs. The application process would involve submitting details in form GST ENR-02 using any one of the GSTINs. Once validated, this common enrollment would entitle the transporter to generate e-way bills for all registrations on a single handle.“Although its a revolutionary concept, the benefits would be restricted to generation of e-way bills. Ideally, the government should agree to the need of single registration for all taxpayers,” Rajat Mohar, partner, AMRG & Associates, said. Under the GST, a taxpayer operating in more than one state/UT is mandated to separately register on the GST Network for each jurisdiction.
  • Centralised AAR for taxpayers with 5 or more registration
    Jun 22, 2018
    With contradictory verdicts from Authority for Advanced Rulings (AAR) under the GST regime increasing the confusion among tax payers, the government is likely to constitute a centralised AAR for taxpayers who have five or more registrations.An amendment in the law in this regard could be announced by the GST Council meeting on 2nd of July.The decision came after a slew of recent pronouncements by the AARs in different states left taxpayers as well as the tax experts in a state of confusion.While in some cases the rulings have contradicted circulars issued earlier by the Central Board of Indirect Taxes and Customs, in others AARs in two different states have given two contradictory rulings on similar issues.For example on the question of whether supply of turnkey engineering, procurement and construction (EPC) of solar power plants where both goods and services are supplied can be construed as composite supply, the Maharashtra AAR says it is a works contract and therefore should attract 18 per cent tax. The Karnataka AAR, however, has ruled out the tax installation at the concessional rate of 5 per cent.
  • July-March GST revenues: States ‘shortfall’ not true picture
    Jun 21, 2018
    At first glance, the goods and services tax’s (GST) revenue buoyancy seems unproven yet, given that 31 of 34 states/UTs in the country reported a ‘revenue shortfall’ during the July 2017-March 2018 period — among the larger states, Bihar’s deficit was 38% and Madhya Pradesh’s 26% — and received compensation. But the picture is actually not all that grim as most of these shortfalls are against the so-called ‘protected revenue’; when compared with the relevant tax revenue growth rates of the states during the pre-GST period, the new tax, despite its teething troubles during the period, has already shown its potential to boost revenue. The five-year full-compensation mechanism under the GST ensures that the Centre will make good any shortfall in the states’ GST revenue from what a 14% annual growth (over FY16 base) would have yielded them.
  • No pure GST on petrol, diesel; 28% tax plus VAT a possibility: Official
    Jun 20, 2018
    A peak tax rate of 28 per cent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST regime, a top government official said.The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.But before the two fuels are put under GST, the Centre has to decide if it is willing to let go of the about Rs 200 billion (Rs 20,000 crore) of input tax credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the Goods and Services Tax (GST) regime that came into force from July 1, 2017, the official said.
  • GST formalising economy, widening tax base, says Finance Ministry
    Jun 19, 2018
    The Finance Ministry today said it would be increasingly difficult for businesses to remain outside the tax net as GST is leading to formalisation of the economy. The Goods and Services Tax (GST) was introduced from July 1 last year to subsume plethora of indirect taxes like excise and sales tax. “Historic tax reform GST has resulted in formalisation of the economy and consequently information flow would eventually augment not only the indirect tax collections but also direct tax collections,” the ministry said in a statement. Before GST, the Centre had little data on small manufacturers and consumption because the excise was imposed only at the manufacturing stage while the states had little data on the activities of local firms outside their borders.
  • GST: Delhi raises e-way bill threshold
    Jun 16, 2018
    After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST. States are legally allowed to amend these rules and also give item-wise exemptions from e-way bill requirements, subject to ceilings. However, tax practitioners said the move could create confusion among taxpayers and make compliance more complex for businesses having consumer bases in multiple states.
  • Government extends sale of pre-GST goods with stickers of revised price till July 31
    Jun 15, 2018
    Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31, the government today said. After implementing GST from July 1, 2017, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect changes in selling price for three months till September 30. The deadline has been extended several time and the latest was April 30.
  • GST payers can move jurisdictional tax officer to change username, password
    Jun 15, 2018
    The Finance Ministry on Thursday said that GST registrants can approach jurisdictional tax officer with valid documents to change the e-mail and mobile number recorded against their GST identification number (GSTIN). The revenue department had received complaints from taxpayers that the intermediaries who were authorised by them to apply for registration on their behalf had used their own e-mail and mobile number during the process. These intermediaries are not sharing the user details with the taxpayers.
  • Centre mops up Rs 485 crore morethan old central taxes post GST
    Jun 14, 2018
    The GST collection from the Centre’s side in Nagpur zone from July 1, 2017 to March 31, 2018, has been higher by Rs485 crore as compared to central excise and service tax collected during the same period a year before. The Goods and Service Tax (GST) was introduced from July 1 last year. If the central excise and service tax collected for similar eight month period during the previous regime is considered, the GST collections have been on the upper side.
  • GST refund drive extended till June 16
    Jun 13, 2018
    The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16. The central and state tax officials have already cleared refunds worth over Rs 7,500 crore since May 31, when the special drive to clear exporters refund was launched. "In view of overwhelming response from exporters and pending claims, the period of refund fortnight is being extended by two more days i.e up to June 16, 2018," a finance ministry statement said.
  • Tax dept clears over Rs 7,000 crore GST refunds of exporters in first 9 days
    Jun 13, 2018
    The Goods and Services Tax (GST) refunds of exporters worth over Rs 7,000 crore have been cleared by the Central Board of Indirect Taxes and Customs (CBIC) during the first phase of the special refund drive that was undertaken by authorities. The Tax Department has additionally asked the traders to settle the pending claims by visiting their jurisdictional GST office or Custom House during the Special Refund Fortnight from May 31, 2018 to June 14, 2018.
  • Authority's orders favour firms for anti-profiteering in times of GST
    Jun 12, 2018
    Allaying industry’s apprehensions, all three orders passed by the National Anti-Profiteering Authority under the goods and services tax (GST) regime have so far gone in favour of companies. In its latest order, the five member NAA has dismissed complaint against elevator manufacturer Schindler India for charges of profiteering filed by a Delhi business. The complaint pertained to charging of service tax on the payment made to Schindler India before GST implementation on July 1, 2017 and GST for the payment installments made in July when the installation took place.
  • 5 banking, financial transactions on which GST is payable now; Check how you will get impacted
    Jun 11, 2018
    Amid speculation whether the ‘free services’ offered to customers by banks and other financial institutions will come under the ambit of GST (goods and services tax), the government has recently clarified that these services will not attract GST. The confusion arose when notices were sent to a large number of banks for non-payment of service tax on free services offered to their clients under the pre-GST regime. The officials of the Central Board of Indirect Taxes and Customs (CBIC) had earlier justified such notices arguing that banks were not offering free services, but were actually charging customers.
  • GST will apply to goods carried by foreign-bound ships
    Jun 11, 2018
    Andhra Pradesh's Authority of Advance Ruling (AAR) has said the goods and services tax (GST) will be levied on the goods supplied from Customs warehouse to merchant vessels on a foreign run, triggering sharp views from experts. The Bench said the petitioner, Fairmacs Ship Stores, holder of a special warehouse licence, was liable to pay GST on outward supply made to these vessels. The AAR treated these as inter-state supply. However, it also allowed the petitioner to collect GST from the clients.
  • Duty-free goods sold to outbound ships taxable under GST
    Jun 09, 2018
    The Authority for Advance Ruling (AAR) in Andhra Pradesh has ruled that warehoused duty-free ship stores, which stock goods imported without payment of duty and sell to outbound ships, will be liable to pay the goods and services tax (GST) on supplies made to Indian naval ships, coast guard ships and ocean-going merchant ships. Experts said some of the orders of the AAR have disrupted the traditional taxation principles.
  • Tax dept clears Rs 7,000cr GST refunds of exporters
    Jun 09, 2018
    Over Rs 7,000 crore or half of the pending GST refunds of exporters has been cleared in the first nine days of the ongoing special refund fortnight. "More than Rs 7,000 crore of IGST/ ITC refunds sanctioned till now during the ongoing Special Refund Fortnight," the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet late last night. It asked exporters and traders to visit their jurisdictional GST office or Customs House/Port and settle pending claims during the Special Refund Fortnight from May 31 to June 14, 2018.
  • Petrol, diesel to be under GST soon, says Dharmendra Pradhan
    Jun 08, 2018
    With petrol and diesel kept out of the purview of GST, the state owned oil industry is losing Rs 200 billion annually in terms of input credit, Union Minister Dharmendra Pradhan said on Thursday. However, he said, with the GST regime stabilising and apprehensions over GST collection gradually receding, “it is a matter of time that petrol and diesel are brought under GST”.“Refinery, pipeline, exploration… all are under GST. I am not getting back that money, the input credit. So, I am making it costly.
  • Businesses not Under GST to get 180 Days to pay back their loans
    Jun 07, 2018
    In a temporary relief to small businesses not registered under the Goods and Services Tax, the Reserve Bank of India on Wednesday extended loan repayments deadline to 180 days from the due date without being classified as a non-performing asset. This latest announcement comes after the regulator’s April diktat which had allowed GST registered MSME borrowers with a turnover of up to Rs. 25 crore to delay loan repayments by 180 days.
  • Government To Share Unclaimed IGST Between Centre And States
    Jun 06, 2018
    The government will share unclaimed and unsettled integrated Goods and Services Tax collections between the Centre and states. The central government has been given powers to provisionally settle the IGST collected in a financial year as per recommendations of the GST Council, the government said in a notification today. The settlement will be adjusted in subsequent months based on returns filed by the taxpayers, the notification added.
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